The ASF Consortium, backed by the Chinese government, have come out recently and threatened to take legal action against Queensland officials over the decision to scrap the Gold Coast casino project. ASF was the going to build a AU$3 billion casino resort, but the project had suffered numerous delays. The firm stated that it was hoping to find a suitable solution to the government’s decisions, but legal action would be on the table if a solution could not be reached.
ASF Suffers Financial Loss Due to Cancelled Project
ASF made its statement following the release of its annual report. The report showed that the company had lost just over AU$12 million on the Gold Coast casino project, during its last financial year alone. Overall, the consortium posted a loss of AU$25 million for its last financial year. With half of its loss coming from the Gold Coast casino project, it’s easy to see why they’d be unhappy.
At the beginning of August 2017, the government of Queensland unexpectedly canceled the Gold Coast casino project. This came just a few days after it was revealed that Caesars Entertainment had joined the project as the casino’s operator. ASF had been given the ‘preferred proponent’ status by the government back in 2013 for the project, which saw numerous delays over the years. The casino had also been backed by locals, who had voted on the matter and approved it by a margin of 54% to 42%, with 4% undecided.
ASF Casino Scrapped to Preserve Beauty
The project was eventually scrapped by the Queensland Premier, Annastacia Palaszczuk. She said that her decision to scrap the casino had come from wanting to preserve the area’s natural beauty for future generations. Had the project gone ahead, it would have seen the company build a large hotel and casino resort, with five tall towers.
After numerous revisions to the plan for the Gold Coast casino, ASF seemed to have settled on constructing it on a peninsula known as ‘the Southport Split.’ ASF had promised that the new casino would see over 4000 construction jobs created, as well as over 9000 jobs when it was completed. ASF also claimed that the finished casino would provide numerous economic benefits for the Gold Coast region.
Unfortunately, at the moment it doesn’t look like we’ll ever get to find out.